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Mnuchin: Trump ‘will sign’ McConnell’s COVID-19 relief proposal

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Steven Mnuchin

Secretary of the Treasury Steven Mnuchin said Wednesday morning that President Donald Trump will sign the coronavirus relief bill put forth by Senate Majority Leader Mitch McConnell on Tuesday.

Mnuchin was on Capitol Hill for a meeting about the bill Wednesday morning when a reporter asked him about what the president would be willing to sign regarding COVID-19 economic relief.

“The president will sign the McConnell proposal that he put forth yesterday,” Mnuchin said.

Immediately after, he was then asked by another reporter about House Speaker Nancy Pelosi’s proposal for relief, about which the Treasury secretary couldn’t say much.

“I’m not going to comment publicly on it, but I did speak to her briefly and there’s also the other bipartisan proposal.”

It is not known when the coronavirus relief package will be passed. Negotiations for a second one have been stalled for months, will little to no progress being made. The first package, known as the CARES Act, was successfully passed back in March and provided much needed economic relief to the tens of millions of Americans left unemployed and small businesses struggling to stay afloat due to the pandemic.

Since then, there have been three other packages. However, struggling Americans were only cut stimulus checks in the first round and some reports indicate that there may not be checks sent this time around either.

So far, it has been generally speculated that the stimulus package won’t be passed until the next Congress commences in January and President-elect Joe Biden is sworn into office.

You can follow Douglas Braff on Twitter @Douglas_P_Braff.

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Economy

Americans are paying the highest taxes and largest share of GDP ever

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“People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025” according to the Congressional Budget Office (CBO).

The Washington Examiner reports on the CBO’s analysis that the Treasury expects a 28% surge in individual income taxes this year. The analysis was presented to Congress on Thursday, and explained more income taxes are ahead in 2025 after the Trump tax cuts expire.

“Receipts from individual income taxes — the largest source of federal revenues — rose sharply in 2021 and are projected to do so again in 2022 as the economy recovers from recession and temporary provisions enacted in response to the pandemic expire. Those receipts are projected to rise again after 2025 because of the scheduled expiration of some provisions of the 2017 tax act,” read the report.

“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the report.

Additionally, the CBO stated that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. “The strong revenue growth in 2021 and 2022 results mostly from large increases in collections of individual income taxes. Total revenues in 2022 are projected to equal 19.6% of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.”

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